Upcoming June inflation data could open door to 2nd Bank of Canada rate cut

Canada's central bank is set to review inflation data before deciding on interest rates, following a surprise increase in May. Economists predict a return to lower living costs, suggesting another rate cut. June's consumer price index figures will be released by Statistics Canada. Businesses foresee high costs and borrowing rates, but fewer anticipate a recession. The data indicates that interest rates may not need to be as high for inflation control, potentially leading to another rate cut. Financial markets predict a 73% chance of a rate cut on July 24.